Question Details

Prepare a trial balance in proper form 



1.	Using the following transactions, calculate (A) net income for the period, as well as the ending balances of (B) total assets, (C) total liabilities, and (D) Cash. For part d, indicate whether the balance is debit or credit. 

a. Opened business by investing $36,000 in cash.
b. Paid one year's insurance in advance, $2,400.
c. Billed customers for services rendered, $6,000.
d. Received utility bill, to be paid next month, $400.
e. Received $800 in advance of performing a service.
f. Received $4,400 from customers billed in c.
g. Paid $300 on the utility bill of d.
h. Withdrawals of $2,000 were made by the owner.
2.	From the following alphabetical list of account balances, all of which are normal, for Aloha Company on September 30, 2010, prepare a trial balance in proper form (the amount of Ron Ho, Withdrawals must be computed) .

Accounts Payable	 $  780
Accounts Receivable	460
Cash	400
Equipment	1,380
Prepaid Advertising	20
Revenue Earned	1,000
Ron Ho, Capital	1,200
Ron Ho, Withdrawals	?
Wages Expense	60
Wages Payable	20




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